Kwon Chil-seung, Minister of SMEs and Startups, "Women Entrepreneurs Are the Core of Korean Ventures and Startups"

Minister Kwon Chil-seung Lectures Sookmyung Women’s University Students
40% of Startups Founded by Women... Becoming the Core of Korean Ventures
Minister Kwon Chil-seung: “Hope Many Female Startups Emerge Through On-Campus Entrepreneurship Programs”

Minister Kwon Chil-seung of the Ministry of SMEs and Startups visited Sookmyung Women's University in Cheongpa-dong, Seoul, on the 16th and gave a lecture to students on the topic of "Improving Awareness of Youth Entrepreneurship among University Students." Photo by Ministry of SMEs and Startups

[Asia Economy Reporter Kwak Min-jae] “Market Kurly has changed people's lifestyle paradigms. The CEO who grew a unicorn company valued at 4 trillion won is a woman. I hope women interested in entrepreneurship gain confidence.”

On the afternoon of the 16th, Kwon Chil-seung, Minister of SMEs and Startups, visited Sookmyung Women's University and gave a lecture on the theme of ‘Improving University Students' Perception of Youth Entrepreneurship.’

Minister Kwon introduced the success story of Market Kurly, saying, “The number of women starting new technology businesses reached 99,162 last year, approaching 100,000, and female employment in startups increased from 146,121 in 2017 to 245,902 last year.” He added, “Women’s entrepreneurship accounts for 40% of all startups, becoming the core of venture startups.”

That day, Minister Kwon introduced students interested in entrepreneurship to the improvement of perceptions about startups, the development of Korean startups, and the Ministry of SMEs and Startups’ support programs for entrepreneurship.

Minister Kwon emphasized the importance of a ‘paradigm shift’ to students considering startup entrepreneurship. Using the example of the iPhone, he explained, “It was a paradigm shift to realize that a phone is not just for making calls but can install apps to add functions needed by the user.”

Students listening to Minister Kwon Chil-seung's lecture at Sookmyung Women's University in Cheongpa-dong, Seoul, on the 16th. [Photo by Ministry of SMEs and Startups]

He also mentioned the development of Korean startups. Minister Kwon said, “The number of unicorn companies increased from 2 in 2016 to 18 last year, and the jobs created by venture startups last year exceeded the scale of the four major conglomerate groups,” calling it “the second venture boom following the IT boom of the 2000s.”

Minister Kwon emphasized that opportunities for women to challenge entrepreneurship are expanding. Mentioning the W-Women Entrepreneurship Package and the Women Entrepreneurship Competition, he said, “If your current idea grows into a good item, I strongly recommend participating in the Women Entrepreneurship Competition at least once.”

Questions from Sookmyung Women's University students about the Ministry’s startup support programs followed. To a student asking about the TIPS program, Minister Kwon explained using the example of venture capital (VC), saying, “These days, Korean VCs thoroughly verify startups before investing. The government invests in such companies by trusting this private sector.”

Minister Kwon concluded the lecture by saying to the students, “I hope you actively participate in on-campus startup programs run by your school and that several representative women-led startups emerge in a few years.”

This content was produced with the assistance of AI translation services.